We responded to HM Treasury (HMT) on the Draft Statutory Instrument (SI) – ‘the Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025’ through the International Regulatory Strategy Group (IRSG). The IRSG is a joint venture between TheCityUK and the City of London Corporation. Its remit is to provide a cross-sectoral voice to shape the development of a globally coherent regulatory framework that will facilitate open and competitive cross-border financial services.
Overall, we support the aim of creating a clear and proportionate regulatory framework for cryptoasset activities that recognises the UK’s ambition to lead globally in financial innovation. However, while the proposed legislative draft is a step forward, there are areas where clarity, scope, and alignment with current regulations could be improved. Without some adjustments, the current approach might create unnecessary complexity and overlap, potentially leading to confusion and uncertainty. Our response highlights key areas where small changes could help create a more effective and streamlined framework. We also recommend a more extended consultation period to capture the significant refinements required to meet HMT’s policy outcomes.
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